In a search for better employee communication and education, 34% of plan sponsors surveyed by Fidelity say they are looking to change advisers — more than double the 16% that were adviser shopping in 2020, and up from 18% in 2019.
Sponsors also are looking for lower stated fees, more retirement expertise and a better investment lineup, Fidelity said in a release detailing the results of its latest annual survey of plan sponsor attitudes.
“The scope of guidance and expertise that plan sponsors expect from their advisers continues to expand,” according to the Fidelity release. “Sponsors are looking for their adviser to have more expertise in helping minimize costs (46%), selecting and monitoring investment options for the plan (44%), and keeping them informed on regulatory changes and how to implement them (42%).”
In other findings, 68% of plan sponsors feel their employees are saving enough for retirement, up from 59% in 2020. However, 86% of plan sponsors believe that at least some of their employees are delaying retirement because of a savings shortfall, and 60% believe the pandemic had an impact on their employees’ decision to retire.
Adviser satisfaction, at 73%, and value, at 69%, remained high. But among smaller plans, the perception of adviser value was down 10% year-over-year.
The report is based on an online survey of 1,169 plan sponsors that was conducted during March.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
New Treasury and IRS proposals would let employers add tax-free payroll contributions to the retirement accounts as advisors weigh the fit for client families.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
